Investments

Fixed Maturities Available-for-Sale by Contractual Maturity (Table)


	Amortized cost (1)		Fair value

	(in millions)
Due in one year or less	$	1,460.7	$	1,428.1
Due after one year through five years		10,799.1		10,462.4
Due after five years through ten years		9,587.4		9,157.2
Due after ten years		28,377.4		22,789.2
Subtotal		50,224.6		43,836.9
Mortgage-backed and other asset-backed securities		27,974.7		26,678.7
Total	$	78,199.3	$	70,515.6

(1)Excludes unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method.

Allowance for credit loss (Tables)

For the three months ended September 30, 2026

Residential

mortgage-

Commercial

U.S.

States and

backed pass-

mortgage-

Collateralized

government

Non-U.S.

political

through

backed

debt obligations

Other debt

and agencies

governments

subdivisions

Corporate

securities

(1)

obligations

Total

(in millions)

Beginning balance

$

—

$

—

$

—

$

43.6

$

—

$

1.7

$

—

$

0.3

$

45.6

Additions for credit losses not previously recorded

—

9.9

—

0.1

—

10.0

Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period

—

4.9

—

2.1

—

7.0

Write-offs charged against allowance

—

(13.6)

—

(13.6)

Allowance of deconsolidated entities (2)

—

(4.1)

—

(4.1)

Foreign currency translation adjustment

—

(0.1)

—

(0.1)

Ending balance

$

—

$

—

$

—

$

40.6

$

—

$

3.9

$

—

$

0.3

$

44.8

Accrued interest written off to net investment income

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—


	For the three months ended September 30, 2025
									Residential
									mortgage-		Commercial
	U.S.				States and				backed pass-		mortgage-		Collateralized
	government		Non-U.S.		political				through		backed		debt obligations		Other debt
	and agencies		governments		subdivisions		Corporate		securities		securities		(1)		obligations		Total

	(in millions)
Beginning balance	$	—	$	—	$	—	$	2.5	$	—	$	0.3	$	0.1	$	0.2	$	3.1
Additions for credit losses not previously recorded		—		—		—		14.9		—		0.8		—		—		15.7
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period		—		—		—		—		—		—		(0.1)		0.1		—
Foreign currency translation adjustment		—		—		—		(0.1)		—		—		—		—		(0.1)
Ending balance	$	—	$	—	$	—	$	17.3	$	—	$	1.1	$	—	$	0.3	$	18.7

Accrued interest written off to net investment income	$	—	$	—	$	—	$	0.4	$	—	$	—	$	—	$	—	$	0.4

For the nine months ended September 30, 2026

Residential

mortgage-

Commercial

U.S.

States and

backed pass-

mortgage-

Collateralized

government

Non-U.S.

political

through

backed

debt obligations

Other debt

 

and agencies

 

governments

 

subdivisions

 

Corporate

 

securities

 

securities

 

(1)

 

obligations

 

Total

(in millions)

Beginning balance

$

0.1

$

—

$

—

$

25.0

$

—

$

1.4

$

—

$

0.4

$

26.9

Additions for credit losses not previously recorded

—

42.5

—

0.4

—

42.9

Reductions for securities sold during the period

—

(0.9)

—

(0.9)

Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period

(0.1)

—

10.5

—

2.5

—

(0.1)

12.8

Write-offs charged against allowance

—

(32.3)

—

(0.4)

—

(32.7)

Allowance of deconsolidated entities (2)

—

(4.1)

—

(4.1)

Foreign currency translation adjustment

—

(0.1)

—

(0.1)

Ending balance

$

—

$

—

$

—

$

40.6

$

—

$

3.9

$

—

$

0.3

$

44.8

Accrued interest written off to net investment income

$

—

$

—

$

—

$

1.6

$

—

$

—

$

—

$

—

$

1.6


		For the nine months ended September 30, 2025
														Residential
														mortgage-			Commercial
		U.S.						States and						backed pass-			mortgage-			Collateralized
		government			Non-U.S.			political						through			backed			debt obligations			Other debt
		and agencies			governments			subdivisions			Corporate			securities			securities			(1)			obligations			Total

		(in millions)
Beginning balance		$	—		$	—		$	—		$	18.5		$	—		$	—		$	—		$	0.2		$	18.7
Additions for credit losses not previously recorded			—			—			—			14.9			—			1.1			0.1			—			16.1
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period			—			—			—			0.1			—			—			(0.1)			0.1			0.1
Write-offs charged against allowance			—			—			—			(16.2)			—			—			—			—			(16.2)
Ending balance		$	—		$	—		$	—		$	17.3		$	—		$	1.1		$	—		$	0.3		$	18.7

Accrued interest written off to net investment income		$	—		$	—		$	—		$	0.4		$	—		$	—		$	—		$	—		$	0.4

(1)	Primarily consists of CLOs backed by secured corporate loans.

(2)	Relates to the disposition of our Chilean annuities business in third quarter 2026.

Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments (Table)


		September 30, 2026			December 31, 2025

		(in millions)
Net unrealized losses on fixed maturities, available-for-sale (1)		$	(7,594.7)		$	(4,081.8)
Net unrealized losses on derivative instruments			(103.3)			(40.0)
Adjustments for assumed changes in amortization patterns			6.8			4.2
Adjustments for assumed changes in policyholder liabilities			61.1			21.2
Net unrealized losses on other investments and noncontrolling interest adjustments			(60.7)			(58.3)
Provision for deferred income tax benefits			1,656.6			893.7
Net unrealized losses on available-for-sale securities and derivative instruments		$	(6,034.2)		$	(3,261.0)

(1)	Excludes net unrealized gains (losses) on fixed maturities, available-for-sale included in fair value hedging relationships.

Non-Accrual Financing Receivables (Table)


		September 30, 2026
								Amortized cost of
		Beginning			Ending amortized			nonaccrual assets
		amortized cost on			cost on nonaccrual			without a valuation
		nonaccrual status			status			allowance

		(in millions)
Commercial mortgage loans		$	58.4		$	149.6		$	—
Residential mortgage loans			19.9			15.1			8.3
Other loans			6.4			7.6			7.6
Total		$	84.7		$	172.3		$	15.9


		December 31, 2025
								Amortized cost of
		Beginning			Ending amortized			nonaccrual assets
		amortized cost on			cost on nonaccrual			without a valuation
		nonaccrual status			status			allowance

		(in millions)
Commercial mortgage loans		$	70.5		$	58.4		$	—
Residential mortgage loans			15.6			19.9			7.0
Other loans			—			6.4			6.4
Total		$	86.1		$	84.7		$	13.4

Financing Receivables Aging (Table)

 

September 30, 2026

 

Amortized

90 days or

cost 90 days

30-59 days

60-89 days

more past

Total past

or more and

past due

due

Current

Total (1)

accruing

(in millions)

Commercial mortgage loans

$

—

$

—

$

149.6

$

149.6

$

15,204.1

$

15,353.7

$

—

Residential mortgage loans (2)

21.8

2.8

15.0

39.6

5,262.7

5,302.3

6.6

Other loans

1.6

1.7

9.3

12.6

71.6

84.2

1.7

Total

$

23.4

$

4.5

$

173.9

$

201.8

$

20,538.4

$

20,740.2

$

8.3


		December 31, 2025
																				Amortized
								90 days or												cost 90 days
		30-59 days			60-89 days			more past			Total past									or more and
		past due			past due			due			due			Current			Total (1)			accruing

		(in millions)
Commercial mortgage loans		$	5.9		$	1.4		$	101.0		$	108.3		$	16,409.8		$	16,518.1		$	42.6
Direct financing leases			3.9			0.9			—			4.8			571.7			576.5			—
Residential mortgage loans (2)			64.8			20.3			26.3			111.4			4,586.5			4,697.9			12.1
Other loans			2.3			1.5			8.4			12.2			173.7			185.9			2.0
Total		$	76.9		$	24.1		$	135.7		$	236.7		$	21,741.7		$	21,978.4		$	56.7

(1)	As of both September 30, 2026 and December 31, 2025, no reinsurance recoverables or deposit receivables were considered past due.

(2)	Excludes unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method.

Mortgage Loans Purchased and Sold (Table)

For the three months ended

For the nine months ended

September 30,

 

2026

 

2025

 

2026

 

2025

(in millions)

Commercial mortgage loans:

Purchased (1)

$

141.2

$

1.4

$

265.8

$

71.7

Sold (2)

—

0.1

356.6

109.3

Residential mortgage loans:

Purchased

716.7

376.7

1,601.5

1,027.6

Sold

12.1

11.1

22.6

20.9

(1)	2026 primarily includes loans purchased within the general account to align with diversification, risk-return and long-term asset-liability management objectives.

(2)	Includes $0.0 million and $300.6 million of mortgage loans that were previously held for sale within the funds withheld assets for the three and nine months ended September 30, 2026, respectively.

Residential Mortgage Loans by Geographic Distribution (Table)


		September 30, 2026					December 31, 2025
		Amortized			Percent of		Amortized			Percent of
		cost			total		cost			total

		($ in millions)
Geographic distribution
New England		$	216.9		4.1	%	$	158.0		3.4	%
Middle Atlantic			483.2		9.1			365.8		7.8
East North Central			284.7		5.4			212.6		4.5
West North Central			127.4		2.4			95.3		2.0
South Atlantic			1,160.1		21.9			834.0		17.8
East South Central			190.2		3.6			124.5		2.7
West South Central			605.9		11.4			459.1		9.8
Mountain			805.1		15.2			667.8		14.2
Pacific			1,428.8		26.9			1,349.4		28.6
International			—		—			431.4		9.2
Total (1)		$	5,302.3		100.0	%	$	4,697.9		100.0	%

(1)	Excludes unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method.

Financial Liabilities Subject to Netting Agreements (Table)

Gross amounts not offset in the

consolidated statements of financial

position

Gross amount of

recognized

Financial

 

liabilities (1)

 

instruments (2)

 

Collateral pledged

 

Net amount

(in millions)

September 30, 2026

Derivative liabilities

$

673.6

$

(378.2)

$

(284.6)

$

10.8

December 31, 2025

Derivative liabilities

$

552.0

$

(331.7)

$

(209.1)

$

11.2

(1)

The gross amount of recognized derivative liabilities is reported with other liabilities on the consolidated statements of financial position. The above excludes derivative liabilities, which are primarily embedded derivatives that are not subject to master netting agreements or similar agreements. The gross amounts of derivative liabilities are not netted against offsetting assets for presentation on the consolidated statements of financial position.

(2)	Represents amount of offsetting derivative assets that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative liabilities for presentation on the consolidated statements of financial position.